NEWS RELEASE 02/19/04

Norwalk, CT, February 19, 2004—The Financial Accounting Foundation has announced that Edward W. Trott, FASB Board member, and Paul R. Reilly, GASB Board member, have been reappointed to their respective Boards, effective July 1, 2004. The reappointments were made by the Foundation’s Board of Trustees, which has oversight responsibility for the Financial Accounting Standards Board and the Governmental Accounting Standards Board.

Robert E. Denham, Chairman of the Financial Accounting Foundation, made the following statement regarding the Board announcements: “Both Ed Trott and Paul Reilly have made outstanding contributions to the FASB and GASB, respectively, and the trustees are honored to have their experience and expertise during a particularly challenging period. We are grateful for their ongoing commitment to advancing the work of our Standards Boards.”

Mr. Trott, who joined the FASB in 1999, will begin a second five-year term. He has advised the Foundation that in 2007 he may reassess his continued service on the FASB. Mr. Reilly’s reappointment is for one year. When his new term begins in July, he will have served nine years; the maximum number of years that a Board member may serve is ten.

Mr. Trott is a former partner of KPMG and a former member of the Emerging Issues Task Force and Accounting Standards Executive Committee. He is a graduate of the University of North Carolina where he received a bachelor’s degree and earned a master’s in business administration from the University of Texas.

Mr. Reilly was a former Finance Director and Comptroller of the City of Madison, Wisconsin. He holds a bachelor’s degree from the University of Wisconsin.

About the Financial Accounting Foundation, the FASB and the GASB

The Financial Accounting Foundation is responsible for funding, overseeing and selecting the members of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). For more information on the organizations it oversees, visit the Foundation’s websites at www.fasb.org and www.gasb.org.

Since 1973, the FASB has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors and others rely heavily on credible, transparent and comparable financial information.

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community. More information about the GASB can be found at its website at www.gasb.org.